April unemployment rate, US Labor Dept., May 2, 2014, Labor force participation plummets and jobless rates still high, Part time jobs, Financial markets react to false data
“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013
“Over the last six months, of the net job creation, 97 percent of that is part-time work,”…Keith Hall, former BLS chief
“According to shocking new numbers that were just released by the Bureau of Labor Statistics, 20 percent of American families do not have a single person that is working. So when someone tries to tell you that the unemployment rate in the United States is about 7 percent, you should just laugh. One-fifth of the families in the entire country do not have a single member with a job. That is absolutely astonishing. How can a family survive if nobody is making any money? Well, the answer to that question is actually quite easy. There is a reason why government dependence has reached epidemic levels in the United States. Without enough jobs, tens of millions of additional Americans have been forced to reach out to the government for help. At this point, if you can believe it, the number of Americans getting money or benefits from the federal government each month exceeds the number of full-time workers in the private sector by more than 60 million.”…Zero Hedge April 29, 2014
The US Labor Dept. will report on the April unemployment rate this morning.
Those of us paying attention, with at least minimal math skills, understand that the stated unemployment rate has become a joke.
Yet, for years, the financial markets and market reporters have taken the drop in the unemployment rate as good news.
Nothing could be further from the truth.
To sum up the reality of the situation, record numbers have dropped out of the labor force, not because they intended to retire, but because jobs were not available, and many who did get or retain jobs found themselves working one or more part time jobs.
More part time instead of full time jobs is a direct consequence of Obamacare and the Obama economy.
When you read the US Labor Dept report and see the latest unemployment rate, consider the following facts.
Remember, the Democrats took control of both houses of Congress in January 2007. This is rarely reported.
………………………..January 2007……January 2009…….March 2014
Not in labor force………..77,506,000……..80,529,000………91,030,000
Could only find part time….. 1,186,000……..1,671,000……….2,697,000
See any problems there?
Remember also that part time jobs are counted the same as full time.
There are 10,501,000 more people not in the labor force now than when Obama took office in January 2009.
The stated unemployment rate has dropped 1.1 percent.
The labor force participation rate has dropped 2.5 percent.
There are 1,026,000 more people who could only find part time work now than when Obama took office.
We just discovered that 20 percent of American families have no one employed.
No wonder that we have record food stamp usage.
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